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Panentertainmentco

068050 · KOSDAQ · ₩068050 · 팬엔터테인먼트

₩959▲ ₩1 (0.10%)End-of-day · Oct 28, 2026 · End-of-day prices.
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Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

With these assumptions the model gives no positive value.

Enterprise value
−₩6.7B
Equity value
−₩23B
WACC
6.1%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩959, the model needs an operating margin of 6.7% every year (it uses 0.6%).
  • Margins ranged from −9.9% to 4.9% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear
—
Base
—
Bull
—

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (0.6%).

Revenue growth

  • 11.6%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (11.6% a year, annual reports), fading to 3% by year 5.

  • 9.4%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (11.6% a year, annual reports), fading to 3% by year 5.

  • 7.3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (11.6% a year, annual reports), fading to 3% by year 5.

  • 5.1%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (11.6% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (11.6% a year, annual reports), fading to 3% by year 5.

Business

  • 0.6%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 10.5%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).

  • 13.1%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • -10%

    Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.

    Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.08%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.01, adjusted toward 1 and kept between 0.6 and 2.0.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 5.58%

    The interest rate the company would pay to borrow.

    Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026)
₩36B
Net debt (borrowings and leases − cash and deposits)
₩16B
+ Stakes and investments
₩7.3M
Associates, long-term financial assets and deposits (book value)
Shares
27,694,076
Share price
₩959
Market cap
₩27B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩124B₩35B₩35B₩40B₩44B₩47B₩49B₩51B
Growth389.0%−72.0%1.4%11.6%9.4%7.3%5.1%3.0%
EBIT₩4.4B₩129M−₩3.5B₩240M₩262M₩281M₩296M₩305M
EBIT margin3.5%0.4%−9.9%0.6%0.6%0.6%0.6%0.6%
After-tax EBIT₩3.2B₩93M−₩2.5B₩174M₩190M₩204M₩214M₩221M
+ Depreciation———₩4.2B₩4.6B₩4.9B₩5.2B₩5.3B
− Capital spending₩1.6B₩5.6B₩7.7B₩5.2B₩5.7B₩6.1B₩6.5B₩6.6B
− Working capital−₩4.6B−₩10B−₩2.7B−₩415M−₩375M−₩319M−₩239M−₩148M
Free cash flow———−₩450M−₩571M−₩696M−₩828M−₩951M
Discount factor———0.9420.8880.8370.7890.743
Present value———−₩424M−₩507M−₩582M−₩653M−₩707M

Terminal value −₩5.2B, worth −₩3.9B today: 57% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

LowTypicalHigh
Price / book (book value ₩2,452 a share)Now 0.39×₩1,5400.63×₩2,4020.98×₩4,6901.91×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →1.0%1.5%2.0%2.5%3.0%
5.1%—————
5.6%—————
6.1%—————
6.6%—————
7.1%—————

Now (TTM)

Market cap
₩27B
Enterprise value
₩43B
P/E
—
P/B
0.4×
P/S
0.7×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,879₩2,050₩3,835₩5,210₩5,220
Market cap₩52B₩57B₩106B₩144B₩145B
P/E——14.0×—36.1×
P/B0.8×0.7×1.3×2.0×2.0×
P/S1.5×1.6×0.9×5.7×4.8×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Panentertainmentco—0.4×0.7×—0.0%
HYBE—2.1×2.0×—0.3%
SM Entertainment14.0×1.8×1.4×—2.0%
JYP Entertainment13.1×2.2×1.7×7.3×2.2%
CJ CGV—1.1×0.4×—0.0%
YG Entertainment22.0×1.4×1.2×—0.8%
Studio Dragon21.9×0.9×1.2×—0.0%
Similar companies (median)17.9×1.6×1.3×7.3×0.5%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Panentertainmentco / 팬엔터테인먼트 / 068050 / KRX:068050

Source: KRX statistical information